Russia to Ban Public Cryptocurrencies from Sept 1, Exempts Bitcoin Mining

Apr 29, 2024, 11:57 AM

Russia has announced plans to prohibit the public use of cryptocurrencies, including Bitcoin, starting September 1st, 2024. The ban, as stated by Anatoly Aksakov, Chairman of State Duma, will restrict the general circulation of all crypto assets except those officially issued within Russia, such as digital rubles and local digital assets. The government will allow exemptions for Bitcoin mining operations, which contribute $2.6 billion in liquidity for trade. The rationale behind the ban is to prevent cryptocurrencies from replacing the ruble as a quasi-currency within the country.